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CS/HB 707 — State University Unexpended Funds
by Higher Education Appropriations Subcommittee and Rep. Silvers and others (CS/SB 1128 by Education Postsecondary Committee and Senator Martin)
This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.
Prepared by: Education Postsecondary Committee (HE)
The bill authorizes a state university to retain and report to the Board of Governors an annual reserve balance exceeding the required seven percent of its state operating budget. The bill also authorizes a university’s carry forward spending plan to include a reserve fund for expenditures authorized in law.
If approved by the Governor, or allowed to become law without the Governor’s signature, these provisions take effect July 1, 2024.
Vote: Senate 35-0; House 115-1